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CAIB 1 CH1 (Discussion Questions) with 100% Correct Answers 100% Pass
CAIB 1 CH1 (Discussion Questions) with 
100% Correct Answers 100% Pass 
A broker friend told you that she recently sold a Tenants' Package Policy to a 16 year 
old who was attending university. It is your understanding that minors cannot enter into 
contracts for things not deemed to be the "necessities of life." What position does the 
law take regarding the enforceability of insurance contracts entered into by minors? - 
Answer- The law recognizes that such persons are not entitled to enter...
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CAIB 1 CH1 (Discussion Questions) with 
100% Correct Answers 100% Pass 
A broker friend told you that she recently sold a Tenants' Package Policy to a 16 year 
old who was attending university. It is your understanding that minors cannot enter into 
contracts for things not deemed to be the "necessities of life." What position does the 
law take regarding the enforceability of insurance contracts entered into by minors? - 
Answer- The law recognizes that such persons are not entitled to enter...
CAIB 1 - Chapter 6 Practice Questions and Answers 100% Pass
CAIB 1 - Chapter 6 Practice Questions and 
Answers 100% Pass 
What types of claims are paid out under Death & Injury - Answer- court awards to 
innocent victims and their families, death benefits and funeral expenses, medical 
payments, rehabilitation costs, loss of income 
What types of claims are paid out under Damage to Property - Answer- Collision, 
Comprehensive 
Why is auto insurance compulsory in all provinces? - Answer- It is unlikely that people 
would voluntarily purchase insurance thu...
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CAIB 1 - Chapter 6 Practice Questions and 
Answers 100% Pass 
What types of claims are paid out under Death & Injury - Answer- court awards to 
innocent victims and their families, death benefits and funeral expenses, medical 
payments, rehabilitation costs, loss of income 
What types of claims are paid out under Damage to Property - Answer- Collision, 
Comprehensive 
Why is auto insurance compulsory in all provinces? - Answer- It is unlikely that people 
would voluntarily purchase insurance thu...
CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 2024 QUESTIONS WITH COMPLETE SOLUTIONS
CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 2024 QUESTIONS 
WITH COMPLETE SOLUTIONS 
Define in pure insurance terms "risk" - Answer- The chance of financial loss to which an 
object of insurance is exposed 
List the 3 categories of risk generally faced by people - Answer- Personal Risk; Property 
Risk; Liability Risk 
State 4 possible options people can choose to deal with risk - Answer- Avoidance of 
Risk; Controlling Risk; Retention of Risk; Transfer of Risk 
Give a brief explanation and example of ...
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CAIB 1 / CH 1 / SEC 1 / STUDY GUIDE 2024 QUESTIONS 
WITH COMPLETE SOLUTIONS 
Define in pure insurance terms "risk" - Answer- The chance of financial loss to which an 
object of insurance is exposed 
List the 3 categories of risk generally faced by people - Answer- Personal Risk; Property 
Risk; Liability Risk 
State 4 possible options people can choose to deal with risk - Answer- Avoidance of 
Risk; Controlling Risk; Retention of Risk; Transfer of Risk 
Give a brief explanation and example of ...
CAIB 1 Chapter 7 Practice Questions and Answers 100% Pass
CAIB 1 Chapter 7 Practice Questions and 
Answers 100% Pass 
Who is responsible for the administration of the insurance act in your province? - 
Answer- MB Government 
Outline the initial licensing requirements, whether there are different levels of licenses, 
the supervision requirements, and license terms in your province. - Answer- Insurance 
license required. CAIB 1 with supervision 
Outline the class of license issued in our province and whether this license would be 
valid in other province...
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CAIB 1 Chapter 7 Practice Questions and 
Answers 100% Pass 
Who is responsible for the administration of the insurance act in your province? - 
Answer- MB Government 
Outline the initial licensing requirements, whether there are different levels of licenses, 
the supervision requirements, and license terms in your province. - Answer- Insurance 
license required. CAIB 1 with supervision 
Outline the class of license issued in our province and whether this license would be 
valid in other province...
CAIB 1 Practice Exam (Long Answer) 100% Verified and Updated 2024
CAIB 1 Practice Exam (Long Answer) 
100% Verified and Updated 2024 
Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they 
claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is 
discovered by the insurer, what portion of the claim, if any, is required to be paid under 
policy? - Answer- When the insurer is able to prove fraud, it is entitled to deny the entire 
claim, and not just that part which was fraudulent. (1 mark 
The in...
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CAIB 1 Practice Exam (Long Answer) 
100% Verified and Updated 2024 
Your clients suffered a fire loss totalling $87,555. When making the proof of loss, they 
claimed $1,500 for a stereo unit which they never owned. In the event that the fraud is 
discovered by the insurer, what portion of the claim, if any, is required to be paid under 
policy? - Answer- When the insurer is able to prove fraud, it is entitled to deny the entire 
claim, and not just that part which was fraudulent. (1 mark 
The in...
CAIB 1 - Chapter 7 Questions and Answers 100% Correct
CAIB 1 - Chapter 7 Questions and 
Answers 100% Correct 
What are 3 actions which demonstrate a brokers unethical conduct? - Answer- to sell 
more insurance than is needed, to sell higher priced coverages when equivalent 
coverage is available for a lower price, to recommend policies with a higher 
commission. 
What are 3 qualities of a professional? - Answer- commitment to higher ethical 
standards, have a high standard of educational preparedness with mandatory 
continuous education, have a for...
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CAIB 1 - Chapter 7 Questions and 
Answers 100% Correct 
What are 3 actions which demonstrate a brokers unethical conduct? - Answer- to sell 
more insurance than is needed, to sell higher priced coverages when equivalent 
coverage is available for a lower price, to recommend policies with a higher 
commission. 
What are 3 qualities of a professional? - Answer- commitment to higher ethical 
standards, have a high standard of educational preparedness with mandatory 
continuous education, have a for...
CAIB 1 - Chapter 8 Practice Questions and Answers 100% Correct
CAIB 1 - Chapter 8 Practice Questions and 
Answers 100% Correct 
What is the need for travel insurance? - Answer- Provincial health plans don't cover 
certain costs - travel insurance provides coverage for these additional costs 
Discuss provincial medical plans in Canada - Answer- Most provinces have a reciprocal 
agreement to reimburse the province that provided the medical costs where the injury 
occurred 
What costs do medical plans NOT cover? - Answer- Ambulance charges, return of 
vehicle...
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CAIB 1 - Chapter 8 Practice Questions and 
Answers 100% Correct 
What is the need for travel insurance? - Answer- Provincial health plans don't cover 
certain costs - travel insurance provides coverage for these additional costs 
Discuss provincial medical plans in Canada - Answer- Most provinces have a reciprocal 
agreement to reimburse the province that provided the medical costs where the injury 
occurred 
What costs do medical plans NOT cover? - Answer- Ambulance charges, return of 
vehicle...
CAIB 1 Chapter 6 Questions and Answers 100% Pass
CAIB 1 Chapter 6 Questions and 
Answers 100% Pass 
What is the minimum limit of Third Party Liability available in your province? - Answer- 
$200,000 
How does an insured show proof of financial responsibility in your province - Answer- 
The "pink copy" of the certificate of registration 
Identify the Automobile coverages that are available in your province and indicate which 
are compulsory. - Answer- Auto Policy Limits - $200,000 Bodily Injury - $180,000 
Property Damage - $20,000 
All compu...
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CAIB 1 Chapter 6 Questions and 
Answers 100% Pass 
What is the minimum limit of Third Party Liability available in your province? - Answer- 
$200,000 
How does an insured show proof of financial responsibility in your province - Answer- 
The "pink copy" of the certificate of registration 
Identify the Automobile coverages that are available in your province and indicate which 
are compulsory. - Answer- Auto Policy Limits - $200,000 Bodily Injury - $180,000 
Property Damage - $20,000 
All compu...
CAIB 1 Chapter 3 Exam Questions and Answers 100% Pass
CAIB 1 Chapter 3 Exam Questions and 
Answers 100% Pass 
Identify four perils that mobile homes are more susceptible to than conventional homes 
- Answer- 1. Fire 
2. Windstorms 
3. Hail 
4. Transportation 
Identify the purpose of "tie downs" - Answer- Secure the unit to the foundation so that it 
remains stable during windstorms 
Explain the purpose of "dent clause" - Answer- Excludes payment unless the exterior 
siding has been actually torn or punctured by the storm 
Identify 2 expenses in...
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CAIB 1 Chapter 3 Exam Questions and 
Answers 100% Pass 
Identify four perils that mobile homes are more susceptible to than conventional homes 
- Answer- 1. Fire 
2. Windstorms 
3. Hail 
4. Transportation 
Identify the purpose of "tie downs" - Answer- Secure the unit to the foundation so that it 
remains stable during windstorms 
Explain the purpose of "dent clause" - Answer- Excludes payment unless the exterior 
siding has been actually torn or punctured by the storm 
Identify 2 expenses in...
Earth Science Exam Review 2024 with Complete Solutions
Hondros Nursing 172 Exam 2 Questions and Answers 100% Pass
Oregon Pesticide Examination: Ornamental and Turf Herbicide Questions and Answers 100% Pass
Xcel Solutions Property & Casualty Exam Questions and Answers
INSY-3303 FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
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